tv Varney Company FOX Business September 5, 2012 9:20am-11:00am EDT
♪ ♪ imus in the morning ♪ >> he reminds me that we are playing a long game here. and that change is hard and change is slow and never happens all at once, but eventually we get there. we always do. stuart: the first lady says the president should have more time. well, he certainly needs it. the economy is in trouble right
now. good morning, everyone, item one, 16 trillion dollars worth of debt, no mention of that last night at the dnc or in the mainstream media this morning, two. 46 million 670,000 americans get free government food, all time high. food stamps cost 71 billion this year. three, manufacturing is shrinking, fedex concerns us with a grim economic outlook and four, here comes the jobs report. 8% unemployment. a near certainty. so here is the back drop. the democrats present their case for four more years just as the economic news turns more negative. "varney & company" is about to begin.
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fedex ships everything, a reliable economic indicator and it ships literally everything. and it's on the floor of the exchange, the pre-market please. >> not good. first earnings drop since 2009 and see down arrows for fedex and take ups along with it. >> and we've got michelle barack obama delivering the big speech of the democratic national convention last night. one of the main messages, you owe your success to others, listen to this. >> we learned about gratitude and humility, that so many people had a hand in our success from the teachers who inspired us to the janitors who kept our school clean and we were taught to value everyone's contribution and treat everyone with respect. >> the janitor, really? and that statement is a stark contrast to mitt romney's message on school success. remember this from last month? >> it's just like a kid in school, who decides, you know,
i'm going to work and see if i can make the honor roll. if that kid makes the honor roll, i realize that he got to school on a bus, and the bus driver got him there, but i don't give the bus driver credit for getting the honor roll, i give the kid the credit for the honor roll. stuart: two different messages from two different campaigns. what did you think of michelle obama's speech last night? we want to know. tell us on facebook and read your comments on the air every single day. >> 16 trillion dollar mark on the debt, negative news as the the dnc kicks off. a whole lot more. peter schiff, investment strategist who predicted doom and gloom for a while now, joins us after the opening bell and also, big name tech companies that you know, making big news regarding smart phones, not all of them will be winners, we're talking about michelle obama's speech how did it rate compared to ann romney's last week.
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>> 30 seconds to the opening bell. try this from the europeans. an unlimited bond buying program from the european central bank. that was then, not confirmed by the european central bank. so, we're kind of in limbo, and that's when we open up trading and the market will be nearly flat with the slight down side buyers. productivity up 2.2% and that's pretty strong. not good news for employment, that is, if you're getting all of this extra work out of your current work force, why go out and hire more people. and not as an indicator for friday's jobs report when productivity goes up. let's see where we are this wednesday morning, we have opened on the upside and ever so slightly and that could change dead flat, basically, and that's the news. look, i've got a lot of news on phones. nokia is not releasing right now. and using microsoft's windows 8. all right, nicole, microsoft and
nokia, those first off. >> microsoft is pretty much flat and nokia looking for the upside here. and this is a real, real big day, waiting for. and tons of shareholder frustration and waiting for this to turn the company around and a lot is betting right here on the lumia, windows phone, and supposed be to be chargeless and windows software and that will differentiate nokia. some of the shareholders really thought they should have used google's android. so, it's interesting what will come of this. but it's a big day for nokia. stuart: it's nokia's last chance to get back in the game with this windows smart phone. last chance, basically, right. >> got to get in and win. stuart: thanks, nicole. and we'll see you. 2:30 eastern to be resize, google's motorola division set to release a new smart phone, new razr, google stock barely changed on that and apple
announces an event one week from today. sure looks like the big reveal for the iphone 5. apple's stock this morning is ever so slightly lower, barely changed i'll call it. news on the smart phone upfront this morning, let's look at fedex. those shares have started trading and have a grim outlook and where are they now, nicole. >> we see it down 1 1/2% and ups is down 1 1/2% as well and a couple things to note. they're warning and obviously, their earnings forecast now not good. and pace of china recovery is slower than stated and bernstein noted a tough global economy and news flash, but you know, they are huge economic indicator and doing it the first time since 2009, and having the earnings is a big deal. >> yeah, keep going back to 2009 an interesting comparison, thanks, nicole. give me every indicator, and now, it looks like investors do not think that even ben bernanke can help. peter schiff from euro pacific
capital is in. and all right, peter, i get the impression that investors no longer really believe that if ben prints a ton of money it will do the economy that much good. what do you say? >> well, absolutely. the problem is the fed has already printed too much money. we're on the verge of qe3 and i predict the day that the day announced qe2. not only qe2 would not work, but make the problems worse. the problem is the fed is trying to fight the market. the market wants to restore balance to the economy because of the mal investorments, and one that is asked, are we better off now than four years ago, what's your take on that. >> look at the national debt clock, passed 16 trillion
dollars. we're over 5 trillion dollars deeper in debt than four years ago, we've got nothing to show for it. how can we possibly be better off? in fact, we're so much worse off. wait until the bills come due and we have to pay this money back and interest rates rise and see exactly how much worse off we are, it's worse than people think. >> you're a doom and gloom guy, forgive me tore saying that, how you're commonly referred to. that's the way it is. >> i'm a real liz. >> all right, you're a real liz, if you're a realist, i want you to tell me when does the crunch come. it's not here yet. this economy is a little bit. you know? so, when is the crunch coming? >> well, crunch is going to come when foreign creditors no longer want to finance the spending binge. when the fed and the government can no longer lie about how bad inflation is, when it gets so bad that there's upward pressure on interest rates and the fed can no longer resist market forces and then we're going to have our european moment only it's going to be worse because we're in deeper debt than europe and less able to pay and our
economy is more screwed up. we need a big dose of free market capitalism, the only thing that's going to fix the problem. it's not going to be pain-free, but it will work. the snake oil that ben bernanke and barack obama are peddling will never work. stuart: when, i want-- >> stuart, if i could figure that out i wouldn't be on a soap box sweating under these lights. i'd be in the caribbean someplace. i know it's going to happen, i do think it's going to happen soon. i'm surprised we've gone on this long, shows how stupid the world is. but maybe a year or two and we have a currency crisis and a sovereign debt crisis and i can't see it going much longer than that and i hope it doesn't go longer than that. the longer it takes for crisis to hit the worst when it gos does. stuart: peter schiff, always a pleasure, see you again soon, i trust, thank you. >> sure. stuart: more bad news for you on the economic front.
first off, gas prices, still at nationally the regular price, 3.82. we've got that. here is the real gas story and the real negative. nine states now have average gas prices for regular, over the $4 mark. and just look at the map. and all, but one of these nine states is expected to go for president obama in november. and by the way, we'll let now if gas prices make a difference in future polls, but how can you say you're better off now than you were four years ago, and many of the big states with major populations are spending $4 for a gallon of regular. okay? good question. and back to the convention. michelle obama speaks last night focused on personalizing president obama. and listen to this. >> and these issues aren't political, they're personal, because barack knows what it means when a family struggles. he knows what it means to want something more for your kids and
grandkids. barack knows the american dream because he's lived it. stuart: the first lady's speech was well received by the media, but charles krauthammer really disagreed. >> it's not quite a mrauzable story, i'm sure in the arena it's a plausible story, i thought-- it was a great speech, but i didn't buy a line of it. stuart: radio host miriam wallace is here. miriam, welcome back. >> good morning. stuart: you reviewed ann romney's speech, you were looking at contents and delivery. and what about the first lady. >> she was literally and figuratively hot pink, a youth, vitality, strength, she was also smart and effective. she was personable. and she had that spice to her that we know and like about her. in contrast in ann romney, two different portrait of what a first lady is like.
ann romney is more conservative dress, it was red. and warm and bubbly person and you had michelle in that pink with toned arm that every woman in america is looking at her i want those arms and i'll do whatever she tells me so i can look at fit as she does. stuart: wait a second. this is, you're talking about the way the first lady looked. what she wore. the style of delivery. >> right. stuart: effectiveness of that delivery and her presence at the podium. it was a very-- you got a personal response to her as a woman at the podium and that's your response? >> i was a proud american woman last night as i was last week when ann romney got up to speak. stuart: content? >> content. stuart: did you listen closely to the content. >> to every word that she said. stuart: now, charles krauthammer says i don't believe a word of it, words to that effect. and what do you say about content? >> i think there were moments that, spoke to me as a woman, as a mother. i think that, yes, you pan the crowd and saw the tears and
charles was totally right about that. i just think that some moments were ingenuous, i wanted to hear about being a lawyer and he hear her not being the mom able to stay home because she had that opportunity to raise her five sons like ann romney did, i don't want anyone to apologize, i don't want the romneys to apologize for their opportunities, but i want to hear what ann, what it was like for michelle to go out, to work every morning, to leave her kids. i want to know about that. and so, that moment, those moments that were missing, even though the anecdotes were lovely and warm and touching, i want to hear about that. stuart: you think that we should give some credit to success, to the janitor of the school that you went to? >> i think that it takes a -- it takes everyone to get you going in the morning. i think the women who helped me with my makeup this morning and thank my husband to helped me last night. stuart: you're a collectivist. >> i'm a team player.
stuart: you're a collectivist and you agree with their content. >> i agree with both of their contents. >> i agreed with ann last week in terms. fact her husband has worked hard as my mother-in-law would say they didn't steal it they earned it, that's great. as for last night, yeah, something about the fact that they appreciate every single person who brought them to where they were. and when michelle obama said a door opened in terms of opportunity, her husband didn't walk through, but helped to pull people in behind him, i think that's also very effective. stuart: miriam always a pleasure, thank you for joining us. >> appreciate it. stuart: and the role that they played in charlotte last night and wait until you hear what it says about your relationship with government and the romney campaign quick to pick up on it. we want to hear from you of course, e-mail us now at firstname.lastname@example.org. seven early movers this morning. mark zuckerburg says he has no
plans to sell his facebook stock for at-- >> and iphone 5, apple is down. and the department of justice describes example of gross negligence in its case against bp, but the 2010 gulf oil spill, bp stock is down 2%. revlon, cutting 250 jobs. there's a trend for you. lots of firings going on these days and revlon though is up. it could be more profitable. insurance software maker, guide wear, making more money than expected. up 10%. and pet boys profit, more than doubled and that stock is up, but only just. oh, 4% not bad. the parent company of outback steakhouse. bloomin' brands, profit grew, but not good enough. the stock is down a fraction. all right, the question of the day. often posed, it has been posed on "varney & company," if ben
prints and romney wins, will stock break out and rally? if the economy sinks and the president wins, will stocks break out and plunge? next, helicopter ben is warming the engines. what will he do for your money? which way the breakout? [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips.
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48 romney, 45 obama. and we'll keep looking at the tracking poll. for now, 3 point advantage to mr. romney. let's look at markets and bring in jay petrocelli viga. >> you can pick. stuart: now, my premise is i think there's going to be a breakout on the market. i think if romney wins, ben prints and mario he prints in europe, the breakout is to the upside. i think if president obama wins a second term and the economy spirals down some more, there's a breakout on the down side. we sell off, what do you say? >> well, apparently, if the market is, the economy is going up, the market is going to follow. here is what i would say. >> wait a sec. you say if the economy is going up, then the market will go up? >> the market will continue to follow it up. and the moment the economy is going down. >> right? and this actually brings me to my point about obama, if you see obama start to go break out in the polls, expect a lot of the
same, right? expect the european news, and qe, tax reform and potentially could be bearish against the market and look at the flip side of it, you look at romney's position and romney has come out and he wants to put tax reform that would essentially be positive for the market, and he talks a lot about cutting the deficit and he talks a lot about creating jobs. those things are going to propel the market significantly higher. >> you think that the market is going higher. one way or the other, obama wins, the market goes up. ben prints, mario prints. ben, the market goes up more. >> the more on the fed. the one agency that has really supported the market the last two years, it's been the fed, the printing. qe. you can actually make an argument if you remove ben, which romney has said in no uncertain terms, he doesn't think he will be reappointed in 2013. you can make the case, hey, wait a minute, now you've taken out the back side, the support, when you change out bernanke, and i would almost say you can expect
romney as first interview question for the nominees for that, the position is going to be like, how do you feel about printing money right now? so you should probably inspect higher interest rates and no qe, if romney gets into the office, but the only point i would say to offset that is expect corporations to take over where government spending left off. >> oh, so if the government spending comes down, you think that the corporations will liberate some of that 2 1/2 trillion cash they've got and put it right there. >> they'll put that right to work. >> you think there's an upside bias to the market, pretty much? >> we do, we do. >> and you're putting money into stocks on expectation of a rally of some kind, no matter what happens in the election. >> yep, we continue to believe in this market. >> tell me about facebook fast, $18 a share, slightly higher and zuckerburg says i'm not going to sell any of mine for-- >> and i trading at 35 and i said don't buy it. we're in a position, don't buy it unless you can protect yourself. stuart: 18.40 you wouldn't buy,
that's the price right now. >> not unless i'm protected if i can put a floor in there. stuart: come on, most investors don't hedge. >> and that's true. somebody mentioned of course why would you sell at 18? and my response was 'cause there's still $18 left in the stock. stuart: thanks for joining us as always. appreciate it. time for the gold report right at 9350. and hovering just below the 1700 mark and we're down 3 bucks this morning. now, listen to this, a man in massachusetts in prison for killing his wife. he demands the state pay for sex change operation, and now, a federal judge has ruled in his favor. what? and elizabeth macdonald and doug schoen are on their way in to talk about the latest example of taxpayer outrage. come on in. ♪ dude looks like a lady ♪ ♪ yeah, yeah, dudes looks like a lady ♪
three years later and shortly after that legally changed his name to michelle and began dressing as a woman in the all-male prison and now the judge ruled the state has to pay for his sex change operation and doctors say it's needed to treat his gender identity disorder. liz belizabet elizabeth. >> a man reportedly strangled his wife and dumped her like a bag of rubbish and the judge says it's cruel and unusual punishment, the judge says the doctors are afraid of backlash and criticism. remarkable. stuart: so we must pay for the sex change oranges it's medically necessary, it's not cosmetic surgery it's medically necessary. >> i could say a face lift is medically necessary for me. [laughter] >> doug? >> stuart, this may be medically necessary, but it's a completely absurd and ridiculous result, that i hope is never replicated. stuart: but it is according to the law. the law says you need it you get
it. you're federal prisoner, you need it, you get it. >> called gender-- >> it's absurd. >> yes. stuart: i think we're agreed at this. new at ten, stunning new messages out of the democratic national convention, first, a video played in the convention hall that says we all belong to government. we'll show it to you and here is the other stunner, the democrats removed several key pro israel lines from the party platform, why that? lots of talk, democrat supporters are trying to get to the bottom of this. will this cost the obama campaign politically and financially? we'll have some answers for you in a moment.
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♪ stuart: new at ten. this is a direct quote from a video played in the democratic convention hall yesterday. "it is you did not go back to the extreme" and we have the romney response to that statement. a stunning change in israel policy and the new democratic party platform. no mention of any support that jerusalem is israel's capital. all of this was in the platform for years ago. top supporters are demanding answers. check the big boards. i am calling this dead flat.
we are up one point. that is it. ap is just reporting that the president's speech will be moved inside. whether that is a result from a weather forecast or they cannot fill a very large stadium, it is, according to ap, going to be moved inside. it was scheduled for outdoors outside. ap says and doors. here is the company. it is wednesday morning. elizabeth macdonald, doug shoen is with us and nicole petallides is on the floor of the new york stock exchange. fedex sees a global and domestic slowdown. nicole, the stock please. nicole: it has been down a percent and a half all morning long. it is taking down ups as well. you are right, tough economy, tough global economy and fedex
fell into the picture. stuart: thank you very much, nicole. the democratic national convention says, yes, due to be delivered tomorrow night, will be delivered inside in the convention hall, not outside in that big stadium. confirmed. we want to show you a clip of the video last night of that, craddick national convention that says we belong to government. >> we are committed to all people. we do believe you can use government in a good way. they think we all belong. stuart: look at this. we had $16 trillion in total debt. just as the dnc was starting. your share caught each and everyone one of you, is $50,000. the obama campaign is distancing itself. it is responsible for the video, not the dnc or the campaign.
so, doug shoen, $16 trillion of debt and we all belong to government. >> they may not want to acknowledge it. we have joint responsibilities and obligations and benefits. while it was in eloquently put, it basically sums up what they believe about government. >> it is a striking counterpoint to what clint eastwood said that we own the government. we already have a debt commission, it is called congress. stuart: we belong to government. you are not a little worried about that expression? >> i am worried about the expression. nicole: we have to pay up with more taxes. >> stuart, we need a balanced system. stuart: answer the question. the president is saying you did not build up by yourself. >> right. stuart: you needed this and that
and whatever the government provides. therefore, pay up. i say he is flat out wrong. >> i am saying we have to praise revenue. that would be pretty good results. stuart: i have another question. just hold on for a second. i am glad you are back with us. >> i am pleased to be here. stuart: listen to this. >> invests an opportunity, smart investment, we have to invest in it. we are investing for nation that invest more. stuart: we did add the sound effects. we did that. when he says invest, that is another word for spending, isn't it good luck they say they will invest this. >> they say higher taxes is austerity also. spending in the private world, investing is you borrow money to
invest. which means higher taxes. doug shoen co-authored a great piece in the new york journal. >> that is exactly right. do we have to rebuild our infrastructure? we do. do you call that investment? i do. stuart: you never ever spent -- >> i always spend. i think you agree. stuart: did we invest in that junket to las vegas? >> that is a bad bad expenditure. stuart: we did invest in solyndra. >> in a bad investment it was. stuart: but it was an investment. >> medicaid, medicare, they are good expenditures. stuart: it is not an investment. >> there is a difference between holding a road and having a social safety net. stuart: ed klein is with us.
he is getting bored with us. [laughter] don't you yacht in front of me. we will get to you in a second. michelle obama's speech was well received. her delivery and emotions pretty strong. listen to this. >> we learned about gratitude and humidity. that so many people had a hand in our success. from the teachers that inspired us to the janitors that kept our schools claim. [ cheering ] we were taught to value everyone's contribution and treat everyone with respect. stuart: according to fox news contributor, the first ladies words were empty. listen to this. >> it is not quite a plausible story. i am sure in the arena it was. i am afraid, i thought it was a great speech, but i did not buy a lot of it. stuart: i did not buy a lot of
it. ed klein is with us, he is the author of "the amateur." the picture that the first lady portrayed last night of the president is that he is a caring man. you wrote the book, basically inside the white house and inside this marriage. what do you say? >> i think her whole theme last night was, i loved obama back 23 years ago, i loved him in 2008, i still love him, you should love him too. he has not changed. he is the same guy. don't be disappointed in him because he has not changed at all. he will be the same obama you are so enthusiastic about back in 2008. stuart: she was talking about the personality of the president. countless people have told me that he is arrogant and somewhat cold and very aloof. that is a very different picture
from someone who is caring and outgoing and sympathetic. >> that is exactly the portrait that i made in my book which is cold, aloof, distant, unavailable, to even democrats, no less republicans. in washington, this is a man that is admired by the political class. stuart: so you would agree with charles. a very interesting portrayal, but you don't believe it. >> this is not barack obama. barack obama is a introverted guy who finds it actually temperamentally impossible to deal with other people on an even keel. on an even basis. it is either his light or the highway. he is the smartest guy in the room at every meeting. this is not the obama that michelle obama portrayed last night. stuart: michelle obama herself
across as highly personable, friendly, charming, all of those words, i think, would apply to her delivery last night. is that the transport that you portrait in your book we look no, not at all. therefore it is one tough cookie. the person who wears the pants in the family. he is the guy who listens to his wife and listens to a lot of other women strong women that he has assembled around him. he is a president who, i think, is very influenced by these strong women. i think michelle is the strongest of all of them. stuart: all right. hold on one second for me, ed. most of you, that is you the audience, had negative comment on michelle obama's speech. here is a sampling on facebook.
one says it proved to me that barack obama is a good guy, a good father and completely wrongheaded to be president, not to mention to have a very supportive wife. susan was a little more supportive. she did a good job. i think she said what she felt she needed to stay. i was glad she did not spend the entire time ripping the republicans. this is from delta. i thought she was responsible, well spoken and sincere. chime in and join us please on facebook, 247. quick comment from doug. you heard what ed had to say about michelle obama's delivery. >> the donors and bundlers that i have spoken to are now almost to a man and woman estranged from him personally. they say they are dealing with a different man. what you see is what you get.
in private, and public, he is a warm empathetic man. no difference. stuart: ed klein, we appreciate you being with us. come see us again. thank you, sir. did they think we would not notice? they made changes to the platform evolving jerusalem. it is and will remain that capitalism of israel. all of those things were in the platform in 2008. per the and it obama got 70% of the juice boat. will those voters and donors abandoned him because of this? doug, what do you say? >> there will be a drop in support. the fact that a terrorist organization is not condemned is an equal counterweight. i think obama will still win a solid majority. in states like florida and ohio, this could tip the balance in a close election.
stuart: president obama will forgive a billion dollars of debt and egypt. could this be conceived of as a tilt away from jewish israel to islamic comic egypt and the middle east? >> i think it could be. we have no other choice than to try to stabilize. it will hurt the democratic party. stuart: i am just going to ask for a extra 30 seconds. ed, can i bring you back? >> i think doug is right. many jewish donors that i have spoken to are actually disenchanted with the way barack obama has treated israel and i think this lack of using jerusalem, saying that jerusalem is the capital, will even make it more disenchanted. stuart: thank you very much, everybody.
i want to go back to nicole. we are watching facebook which is up after hitting a new love yesterday. what is going on? the 20 it is a great day for shareholders. it is up 3.4%. you do not see moves like this. we have not seen it in about a month. mark zuckerberg -- a couple of reasons. he will not sell his shares for a year. they will allow employees to sell. those insiders and fell. the other thing is they will not issue shares and raise money. they have a huge bill to pay. they will instead use exec staying cash bar from credit facilities. this should be good. employees will like this. now they will be eligible to sell some of their shares on october 29. stuart: got it. thank you very much, nicole.
-- the mayor of los angeles antonia larosa. the former president is up against the first game of the nfl season. the cowboys versus the giants. peter barnes is an charlotte. are people complaining that it is bearing clinton by having him speak against the season opener for the nfl? >> they are definitely concerned about it. the people in the media are not particularly concerned about it. stuart: he is on the schedule for 10:30 p.m. that should be right about the third quarter of the game. thank you so much, peter. president obama will not be giving his speech tomorrow night outdoors at bank of america stadium. that may be a good thing because of who did and did not build
♪ stuart: it is a very modest day for stock markets. weak economic news is continuing raising concerns about friday's jobs report. that will be a politically crucial testament. the national debt hit $16 trillion. there it is in front of you. one other very important number we want to show you about, -- number of americans on food stamps. that is an all-time high. it is costing taxpayers $71 billion this year. we are back in 90 seconds. they have moved president obama's speech. the man who built the stadium is next. ♪ we have big dreams.
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♪ stuart: president obama's big speech tomorrow night was expected to come at a stadium built by non-union labor. it is moved indoors because of bad weather. that is breaking news at the top of the hour. bank of america stadium was built in 1996 with no union later. miller and long felt that stadium. great to have you n th us. i am surprised that the president, in the first place,
would have chosen a non-union labored build stadium. i don't understand why he would choose that stadium. it is called bank of america. that is not exactly an good standing with the obama administration. why did the president choose that stadium that you built? >> it is a great question. i keep watching this all day. when democrats. willing to be taken for granted by their own party. it is a stadium named in part by a bank that they don't like. there is not a single union made brick and the entire thing. there is no public investment in the stadium itself. less than one tenth of 1% public money in this thing. built by self made god, gerri richardson caught a remarkable story. stuart: a remarkable story from you did not build that.
you did build that without any government help intrusion. you built it. if you would have built it with union labor, and you had, how much more would it have cost? >> you know, that is an excellent question. it is a flexibility in which we can use our workforce. if you look at eight union contract they will say things like a certain number of carpenters have to be used for building a column. you have to have a certain ratio of workers and supervisors. we take our 65 years of experience, we know how to build those things without subcontracting dictating those things. a little remarkable tidbit about the stadium, it was actually in the black before they played the
first game because the richardsons were both brilliant about marketing and the town loves the team. really a testament to the free enterprise system. stuart: it cost a quarter billion dollars. i believe that the new yankee stadium was about a billion dollars. i think. [ talking over each other ] a billion and a half for the yankee stadium. excellent. built 15 years ago. >> yankee stadium? stuart: that is right. two or three years ago. thank you so much. come and see us again soon. good luck. two of the most popular teams in football kickoff tonight. they will be playing that game with replacement refs. eugene lee is next. are the players concerned for their safety?
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in adult life that were warm and touching. i want to hear about that. stuart: you did. tune into varney & company every morning. we start at 9:20 a.m. eastern. forty-five points higher for the dow. check the price of gold. 16.95 to be precise. guess steady overnight. by the way, the number of states, big population states charging four dollars is growing. i believe it is not eight big population states at four dollars a gallon. the dallas cowboys against the new york giants tonight. millions will be watching. the leagues regular refs will not be there. they are using replacement officials instead. i made the comment a few moments ago there was uproar in the studio when i made it, what does
this have to do with safety? you substitute refs, what does that have to do with the safety of the players? >> it is the integrity of the game. you will have referees that are on experience, unqualified making calls and games that count. stuart: there is no safety at issue. >> safety could be at issue. if they miss calls. in terms of unnecessary roughness penalties, after the whistle heads, other actions that would be called in a game. if players are being flagged for stuff that is normally being called, it will take to aggressiveness to another level. >> you may have a game changing play at the end of the game where a robbery this is a call. >> the unnecessary roughness rules being expanded now. with new referees, the
possibility that we could get some very unsafe and dangerous place, i think in places, i think this is a huge risk for the nfl and one that has been understated. >> i agree as well. the nfl is that an all-time high for its popularity. stuart: do think the audience in terms of tv viewers, do you think it will be lower tonight because of the substitute refs? >> i do not think so. i think that as more calls are missed, you will have more of an uproar. >> do more calls kate challenge when you have substitute refs? >> i believe so. i have seen that during the preseason. it was horrible. the referees missed, first of all, they called the wrong penalty. then they went to the wrong player. finally, they went to the wrong team. it was the first time in recent memory --
stuart: if you have something similar tonight, would that put so much pressure on the nfl that they bring the regular refs back? >> that is what the referee are calling on. not on the field, but by the referees. they feel that is what will bring nfl back to the bargaining table. stuart: do you represent a couple players on the cowboys? >> yes, that is correct. it will be a fun time tonight. stuart: you have some skin in this game. >> i have faith that the referees will do their best. at the end of the day, i think it is that integrity. stuart: always concerned. >> full disclosure, one of my friends is now a replacement referee. he is a very good college referee. i do not think he belongs in the nfl. he is a good man. he cares. i worry about the late hits. i worry about the referees
losing control. >> they are only $45 million apart. stuart: all right. i know nothing about this subject. i should not contribute to the debate. eugene lee, you know what you are talking about. i appreciate you being here. in 1980, the country was dragging. next, mike joined us to draw the parallels between what jimmy carter was saying then and what president obama is saying now. does this sound familiar? >> offers rebates to the rich. -- you see us, at the start of the day.
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expect him to suddenly change course and turn this massive battleship around and sort of stop this money printing business? of course not. and now look at what news we're seeing coming from europe this morning. now they are going to print some more money and they are going to buy bonds. listen, the area that you want to be is not in hard currency right now. you want to own hard assets. the trend from the central banks is print more, print more, worry about the consequences later. so right now you have to expect that central banks will continue down this path. stuart: so buy tangible commodities, buy gold, buy oil, maybe even real estate, but you buy something that you can hold physically in your hand. that's your message? >> absolutely. i'm not interested in owning currency at all. japan's doing it. europe's doing it. the united states is doing it. and guess what? they are not going to change. end of discussion. stuart: tres, you make so much sense, direct and to the point, we kind of like that. thank you very much. see you soon. the democrats pushing the same message they did over 30 years
ago, especially on taxes. here's president carter from 1980. >> the republican alternative is the biggest tax give away in history. they call it -- [inaudible]. i call it a free lunch that americans cannot afford. the republican tax program offers rebates to the rich -- [inaudible]. stuart: i got deja vu all over again, biggest tax give away in the history, rebates to the rich and deprivation for the poor, does that sound familiar? mike reagan is here, author of the reagan revolution. there's a direct parallel in what president obama keeps on saying today and what jimmy carter said 32 years ago. direct? >> you get the idea the same speechwriter is alive and well and writing speeches today as he
was writing speeches back for jimmy carter. it never changes. and they keep on throwing the same thing out to the electorate and then ask us to vote for them. it is interesting, they never tell you the other side, that when ronald reagan lowered taxes, the revenue coming into the federal government was about 500 billion dollars a year. when reagan left office the revenue coming into the federal government was almost a trillion dollars a year. why? because when you lower taxes, people didn't take their money and go offshore. they felt that they were paying their fair share. they didn't in fact try to hide their money. they felt good about paying their taxes, which is not what america feels today. stuart: tell me about the polls, back then. september, october of 1980. i was around then. i was in america. i was in the news business. as i recall, the polls had jimmy cart carter ahead -- ahead well into october. am i right? >> absolutely right, double
digit ahead of my father back then. and what really ultimately changed the whole thing was getting to the debates, allowing ronald reagan to debate jimmy carter and reagan was strong on the debates. even in october, ronald reagan my father was behind in the polls because that message that jimmy carter had out there was working and it took time for ronald reagan to finally work through it and get people to be comfortable with voting for someone who truly did look presidential, as he did, in the debates with jimmy carter. stuart: as i recall, it was 51% to ronald reagan, 41% to jimmy carter. i think it was a 10 point spread on election day. and as you said, that was a complete reversal of the polls maybe six weeks before. have i got that right? was it 10 point victory for your dad? >> it was a 10 point victory, and my father found out at 5:15 pacific time, my father finds out. we're all getting ready to go to a dinner, have a nice dinner, go down to the hotel and really
celebrate, and looking forward to as the family, we hadn't seen each other with campaigning for months. and my dad is in the shower at 5:15. nancy says honey the president is on the phone. he says tell him in the shower. she said no he wants to talk to you. and he went to the phone and jimmy carter said you are the president.
from october 6th to november 3rd in 1980 i was on 66 airplane rides in 19 states traveling this country. what maureen and i were doing is working the outskirts. if my father was in dallas, i was in west texas. maureen was in the piney woods. if he was in houston, i was in piney woods and maureen was in west texas. we did this all across the country for my father, what people need to know is ronald reagan won because we really got the grassroots of america energized into this campaign. and that's what the polls missed. they missed the grassroots of america coming out in droves to vote for ronald reagan. stuart: mike reagan i want you to come back as often as you possibly can on this parallel election from 32 years ago. i find it absolutely fascinating. mike, many thanks indeed. please come back again. >> thank you. >> there's one thing that was missing from that dialogue which was the hostage crisis. bottom line, that tipped the election in my recollection and
experience over the last weekend and arguably won't happen this time and i think we all hope we don't have a similar crisis in the middle east with iran. stuart: fair point. that hostage crisis dominated the news totally. >> yes. stuart: we are two days from the crucial jobs report and youth unemployment much worse than it is for older workers. how bad is it? we're about to get some answers from a top expert. so... [ gasps ]
stuart: fedex is a serious economic indicator. fedex thinks things are getting worse and are going to get worse. fedex cutting its forecast. it says it will earn less money because the global economy is weaker than expected. that stock is down over 1% this morning. ups is also getting hurt because of the fedex news. ups is down 1 1/2%. overall, though, the markets are shaking off all the news. right now the dow industrials are up just 45. looking towards friday's big jobs report. no doubt. look at this company that makes software for insurance companies, it helps the big property insurance companies manage their claims. guide wire says those companies are upgrading their software so that stock is up 8%. we're back in 90 seconds with a look at the youth vote. ♪
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stuart: i have breaking news in the fashion business. a federal appeals court judge has just ruled that a distinctive red-soled shoe is entitled to trademark protection. the court ruled in favor of a french shoemaker. he's the guy who makes those red-soled shoes that often sell for up to a thousand bucks a pair. nicole, let's bring you into this, it seems an extraordinary move to me, that you can patent
the color of a sole of a woman's shoe. nicole: i don't think it is an extraordinary move at all. you have louis vuitton which does it all the time, right, with their signature pieces. and why wouldn't christian be able to do the very same thing. you have other knock-offs tries to do it. this gives them the opportunity to capture their market. stuart: i don't see how you can trademark or patent the color of the sole of a shoe and get away with it. i understand your point of view. nicole: no one else has ever done it. it is innovation. stuart: what are they going to do now? liz: the trademark is the color red on the bottom of the shoe. nicole: right. liz: one of the participants in this fight said it would be as if picasso sued monet for using the color indigo when he colored
his water lilies. >> doug and i are shaking our heads. nicole: see those little boxes with the brown? that's louis vuitton. nobody else can do that. right? that's what makes designers designers. that's why they have those things. stuart: i'm all straightened out. can you show me now nokia's stock price? it is way down. earlier this morning, about hour and 28 minutes ago nokia introduced a new phone with microsoft. it is the new windows 8 phone made by nokia. the market apparently doesn't like it. nokia is down. that's 11%. that's a big drop for that company. this new phone by the way was seen as pretty much the last chance for nokia to get back into the game. market doesn't like it. america's younger generation is still a key voting block for president obama. back in 08, 66% of people 18 to
29 voted for mr. obama. fast forward to today, according to a new poll, 89% of those young voters say that the poor economy affects their daily life. here's the question, will they still come out in support of president obama? paul conway is the president of generation opportunity, and he joins us from charlotte. there's the question, sir, 66% of that youth vote went for president obama last time around. what proportion goes for him today? >> it's the key question right now where -- two key polls have him at 49%. mitt romney at 41% with 10% undecided. that's 17 point drop from 2008 is the largest in gallup history for an incumbent president with that age group. stuart: that tells me that young folks are far more concerned about their job in the near
future then they are about -- than they are about other things. that's what it tells to me. >> the heart of the matter here really is the lack of full time meaningful jobs and career path of people's choice utilizing their skill and education. that doesn't matter if you are republican, democrat, independent or libertarian right now, the number one issue in america is whether or not you can get up in the morning and go to full time job if you are 18 to 29 and apply your best ability for the country and for the business or for the nonprofit you choose to do, overwhelmingly right now that answer is no, it is a mixed picture. people are not happy with it at all. stuart: 17 point drop for president obama in the youth vote. but you cannot tell me what the turnout of that youth vote is going to be. do you think it will be as strong as last time? >> yes, actually we do. as a matter of fact on a recent poll we released last week, we actually have 76% of 18 to 29-year-olds clearly indicating that they will participate in the vote for president.
76%. we think the number will be just as aggressive as 2008 and going to be driven not by personality, but really by the frustration and the angst over not having full-time work. stuart: fascinating poll. we appreciate the information. thank you very much. doug, you were shaking your head. >> from the polling i have done and my experience, bottom line the quickest group to drop in their turnout the level of interest are young people. i see frustration and disinterest among the young people that i talk to and interview. stuart: the turnout will not be the same as in 08? >> i don't think it will be, with all due respect. >> do you see 17 point drop? >> i think the turnout drop will be pretty substantial. stuart: my take on the real clinton record on the economy. that's coming up next. and crowd cheering
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[inaudible]. focus instead on a a myth, the democrats' main talking point, here's my take on tax increases and economic growth. the true story of the clinton years. you have heard it countless times, bill clinton raised taxes on january 1, 1993 and set off an economic boom. president obama wants to raise taxes on january 1, 2013 and by implication that will set off another boom. here's the reality, right before the clinton tax hike the economy was growing at 4.3% rate. that's strong. that was in the last three months of 1992. the tax hike hit. and the economy slowed, sharply. it was not until the republicans swept congress and imposed spending discipline that the economy got back to strong growth. president obama makes a mockery of economics when he suggests that a tax hike on an economy growing less than 2% will produce growth. it is not just income tax rates that go up in a second obama
term, other taxes will be imposed under obama care. bill clinton inherited strong growth and his tax hikes slowed the u.s. down. the economy turned up when clinton shifted to the right cut capital gains taxes and reformed welfare. president obama goes into the new year with a weak economy, 8% unemployment and 16 trillion dollars in debt. if he repeats the clinton tax hikes very likely he will repeat the clinton slowdown. but you won't hear that tonight. that's my take. doug schoen is with us, i don't think he agrees with me. >> stuart, bottom line we got balanced budget deal done based on bipartisan cooperation. we did reform welfare and we were able to cut the size and scope of government in a fair way -- liz: what brought in more revenues was the cut in capital gains and the death tax, it
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